It’s been less than a month since Fairstead, a fully-integrated real estate firm focused on the development, acquisition and operation of affordable and mixed-income housing, purchased a 123-unit affordable senior apartment complex in Sunrise, Florida. But, the firm is doubling down on its strategy and acquired another complex in South Florida.
Its newest target is Gould House, a 101-unit Section 8 seniors housing apartment building in Boca Raton. Located in the 100+ acre Jewish Federation of South Palm Beach County Campus, the 30-year old community will receive a $6 million renovation, including upgrades made to all apartments, new kitchens, bathrooms, lighting, HVAC, flooring and windows, as well as common area improvements and other upgrades to the physical plant.
No purchase price was disclosed, but the deal was financed through the issuance of federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Palm Beach County, Florida. The Freddie Mac lender/bond purchaser in the transaction was Berkadia Commercial Mortgage, and Regions Affordable Housing LLC was the LIHTC investor.
The deal was Fairstead’s sixth affordable senior apartment acquisition and renovation in the region this year. Earlier in June, the company acquired a 123-unit community in Sunrise, Florida, for $29.5 million, or $239,800 per unit. Built in 1992, that community was previously owned by Jewish Federation of Broward County’s affiliate, Federation Housing Inc. Fairstead is also planning a major renovation of the building.
